SIBC × Baird — BrightView Holdings
LBO & Private Equity Analyst
·Fall 2025
My first SIBC engagement was with Baird in Fall 2025, where our team built a leveraged buyout model on BrightView Holdings (NYSE: BV) — the largest commercial landscaping company in the United States.
We structured the transaction at a $2.64 billion enterprise value with 4.5x entry leverage. Our base case LBO projected a 17.2% IRR over a five-year hold, with a full sensitivity table stress-testing returns across exit multiples ranging from 8x to 12x EV/EBITDA and three revenue growth scenarios (bull, base, bear).
A core part of our investment thesis was BrightView's roll-up opportunity. Commercial landscaping is a $50B+ U.S. market with no dominant national player outside of BrightView itself — fragmentation that a well-capitalized private equity platform can exploit. We mapped out 10+ bolt-on acquisition targets across regional operators, modeled acquisitions at accretive multiples, and projected the margin improvement from centralizing operations at scale.
We also evaluated credit structure, debt covenants, and exit paths including IPO re-listing, strategic sale, and secondary buyout. The engagement gave me a deep foundation in LBO mechanics, private equity return analysis, and M&A strategy in fragmented markets.
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Key Contributions
- —Modeled a leveraged buyout of BrightView Holdings (NYSE: BV) at a $2.64B enterprise value, structuring the transaction at 4.5x entry leverage
- —Projected 17.2% IRR over a 5-year hold, stress-tested across multiple exit multiples and operating scenarios
- —Identified roll-up opportunity in a $50B+ fragmented commercial landscaping market, modeling 10+ bolt-on acquisitions at accretive entry multiples to drive EBITDA margin expansion
Presentation